At the moment, our broker has pre-approval for a very basic amount with a credit union. We're trying to get my husband some extra work so that our pre-approval may go up a little cover some extras I'd like. Also, we're afraid that with rates going up later this year, they may move the goal posts away from us.
So happy that things can actually happen, but I've been thinking about whether or not its possible to get our car loan (repayments $300 a month) and my hubbys bike loan (repayments $160 a month) consolidated into our home loan. From what I can work out, we would affectly we paying the same amount, but the interest rates are way better with home loan then the personal loans.
Is this possible? Is the credit union likely to take on the extra $12,000 or am I better to approach our bank (who the car loan is through)?
Is the idea that we'll not have the loan repayments after the mortgage kicks in likely to increase our borrowing power to cover this prehaps a bit more??
The other option is the pay these off with our 5% deposit, and use the FHOG for the deposit. We've have nothing left from that after (planning to use it to cover stamp duty as well). Not sure how that would look to the banks though. Better? Worse? Who knows!! BTW - My parents are happy to go guarantor to reduce the LMI.
Hopefully someone can answer one or two of my many questions!!! Thanks!